The average home price in the Durham Region is still over $800,000. Recent figures from the Toronto Regional Real Estate Board indicate that last month’s average price reached $856,170. To tackle this issue, a significant investment is planned to create affordable housing units in Oshawa and Brock.
Today, Durham Region revealed plans to allocate $8 million towards its At Home Incentive Program. This program offers capital grants to qualifying residential housing projects that include affordable units.
A news release stated that ACA Housing Corporation, a developer focused on social housing in Ontario, will receive $750,000 for the construction of 10 affordable rental units at 82 River Street in Sunderland, located in the rural Township of Brock.
This project aims to transform an empty three-storey retirement home into an apartment building featuring several affordable units. The plan includes three studio apartments and seven one-bedroom apartments.
Additionally, there will be three accessible units on the ground floor designed to be barrier-free.
The region also announced that Athol Green Co-operative Homes Inc., a non-profit co-op based in Whitby, will get $7.25 million to build 96 affordable rental units on the north side of Athol Street West, situated between Centre Street and Simcoe Street in downtown Oshawa.
The new development will consist of a 23-storey apartment building with a total of 274 rental units, which includes those 96 affordable options: 71 one-bedroom apartments, 21 two-bedroom apartments, and four three-bedroom apartments. According to reports, once completed, the building will house space for a medical office and daycare services as well. Amenities are set to feature a fitness room, party room, children’s play area, business center and classroom space along with outdoor terraces.
The announcement mentioned that 15 percent of the units in the Oshawa building are planned as accessible options while aiming for Rick Hansen Foundation Accessibility Certification. Through Wood Green’s Homeward Bound Program, there’ll be 25 reserved units specifically for single mothers who are working towards earning college degrees and becoming financially independent.
“Creating affordable housing requires strong partnerships and strategic investments. Through this $8 million commitment, the Region of Durham is supporting the development of affordable rental homes that will provide stability and opportunity for residents across our communities,” John Henry, regional chair and CEO of Region of Durham said in a statement.
Projects eligible for AHIP can encompass new constructions as well as non-residential buildings being converted into residential spaces. This includes new affordable buildings on existing sites or additional units within current structures aimed at increasing available affordable housing options.
On its website, the region describes affordable rental housing as having monthly costs equal to or less than average market rent prices. Data from Canadian real estate platform Door Insight indicated that median rent for a two-bedroom unit in Oshawa was $1,965 per month back in June.
The platform noted that one-bedroom rentals typically cost around $1,600 monthly while three-bedroom rentals usually go for about $2,500 each month.
For the Brock project mentioned earlier; affordability is proposed at 80 percent of average market rent over a period spanning fifty years. In contrast; for Oshawa’s project; it’s suggested that these affordable units should align with100 percent of average market rent over fifty years
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